Identity thefts are common these days. The changing regulatory requirements are putting pressure on businesses to employ robust ID verification solutions to authenticate their customers. The increasing ID frauds across different sectors especially in the online space compelled businesses to incorporate robust identity verification services. Every year billions of ID thefts are stolen by cybercriminals worldwide and later used for illegal means. In the US, customers lost $56 billion in 2020. If we talk about ID theft cases across the world, we come to know that billions of customers have fallen victim to cybercriminals and lost trillions worldwide.
No doubt, fraudsters use creative ways to commit online crimes but the businesses operating in online space are responsible for a large number of ID thefts due to adopting substandard ID verification solutions. There is a dire need for businesses, especially financial institutions and healthcare providers where most data breaching cases are reported, to incorporate the latest digital identity verification solutions. AI-powered ID verification solutions prove to be a helping hand for online businesses to confirm the identity of their end-users with several authenticity checks to ensure security. Let’s have a look at the most widely used ID verification solutions i.e biometric facial recognition solutions at a glance.
Biometric Facial Recognition Solutions
Knowledge-based authentication methods are the thing of the past. In the modern world, where the threat of ID frauds is always there, people need robust solutions to protect their accounts from fraudsters. Artificial intelligence-based solutions prove helpful to provide the best security to the customers for the protection of their accounts from identity thieves. Face recognition verifies the identity of the customers remotely in no time. It provides the best security standards to the customers to avoid ID fraud. Deep learning facial recognition solutions provide full proof of security to the businesses to confirm the identity of their customers.
Are Biometric Facial Recognition Solutions Secure Enough to Deter ID Frauds?
Online facial recognition solutions use pattern identification techniques to onboard their customers in real-time reducing the drop-off rates. Whenever a fraudster tries to enter into the system with fake credentials to hack the customer’s account, the automated system easily identifies him and rejects his verification using different authenticity checks. The authenticity checks such as liveness detection, AI mapping techniques, 3D depth, and microexpression analysis attracts users as well as businesses to use these solutions for incorporating robust security standards into their systems. The detection of spoof attacks such as 3D masks, eye cut photo attacks, video replay attacks, and distorted photos add up the integrity of this solution. Let’s discuss some important use cases of biometric facial recognition solutions.
Use Cases
Selfie Logins
The traditional password-based account authentication methods are now diminishing as it takes more time as compared to face authentication. Face recognition technology facilitates customers to unlock their digital accounts in a go with selfie-based logins.
Multi-factor Authentication
It is used as an extra layer of security for the customers to prevent identity theft. In this way, no one can access the account without the user’s consent.
High-risk Transactions
Biometric facial recognition assists in performing high-risk transactions by taking a live selfie of the customer to confirm his identity before performing a transaction. Additionally, face recognition helps to eliminate chargeback and card-not-present frauds.
Despite the above-mentioned use cases, biometric facial recognition solutions are also used in multiple sectors. It is used in online gaming platforms, the education sector, the travel industry, online stores, and many other places for providing a seamless customer onboarding experience to combat ID frauds.
Wrapping It Up
Biometric facial recognition solutions have become an essential need of many online businesses to provide a safe and secure onboarding experience to their customers. The liveness detection feature proves to be a helping hand to identify suspicious persons before entering the system. Biometric facial recognition solutions help customers to avoid ID theft by protecting their accounts. It also helps businesses to comply with global ID verification standards to prevent massive penalties.
Many online businesses now require biometric facial recognition systems in order to deliver a safe and secure onboarding experience for their clients. The liveness detection tool comes in handy when it comes to identifying suspicious individuals before they access the system. Customers’ accounts are protected by biometric facial recognition systems, which assist them to avoid ID theft.
Experience and understanding identification is no longer a viable option. Individuals need powerful solutions to secure their accounts from fraudsters in the modern world, where the potential of ID fraud is always there.
